"There's an element in India in the last several months which is very strongly saying we've got all this money tied up in gold which is not good for the economy,” Rogers says.

To India’s west, “There are Europeans who are talking about the need to sell their gold or at least to start offering gold backed-convertible bonds,” Rogers says.

To be sure, given that gold has seen only one significant pullback in 11 years, a correction would be healthy, he says.

Many think Rogers will get his wish. "The weakness of the rupee . . . is likely to act as a drag on demand in the world's biggest market," Jeffrey Rhodes, head of precious metals at INTL Commodities DMCC, tells The Journal.